Tattoo removal and IVF companies are part of Generate's new PE deal

Generate KiwiSaver Scheme is committed US$25 million in to Australian-based HEAL Partners Fund II which specialises in health and education investments.

The fund  isca late-stage growth and follow-on fund, and has raised A$200 million and is targeting A$350million to A$500 million in commitments.

Generate has now committed more than $120 million into private equity and venture capital funds over two years after having previously committed capital locally into Movac and Icehouse Ventures’ growth funds and also into a US private equity infrastructure fund.

The HEAL fund has made completed two investments, and is finalising two more.

The investments includes $52 million in Removery, the world’s leading tattoo removal platform and only tattoo-removal platform of scale globally, and a $30 million investment in The Fertility Partners, Canada’s largest IVF clinical network and one of the largest fertility platforms in North America. 

The fund is targeting a portfolio of around eight investments in total.

Generate Investment Management co-Founder and chief investment officer, Sam Goldwater, has been appointed to the Fund II Limited Partner Advisory Committee. He joins existing members including Rick Cohen, representative of Elliott Investment Management L.P. The committee is made up of investors in fund who are independent of HEAL and not investors in Fund I.

“We were impressed with the calibre of the HEAL team, were attracted to the differentiated deal flow and the high growth sectors which the fund is investing in," Goldwater says. "The fund’s follow-on approach also provides us with a high degree of visibility to where funds will likely be deployed.”